Portland, OR -- (ReleaseWire) -- 07/07/2014 -- The report projects the global aerogel market to have a market size of $1,896.6 million by 2020, registering a CAGR of 36.4% during 2014 – 2020. North America and Europe together would share about two-third of the revenue by 2020. The market volume is forecast to reach 953.1 million sq ft by the year 2020. One interesting fact is, 85% of the global aerogel production services are finished in Europe and North America.
Aerogel is principally understood as hard insulator, with its superior thermal insulation characteristic as compared to conventional alternatives. However, due to higher cost, its mass adoption was confined to applications such as aerospace and oil & gas. Nevertheless, due to inventions of different cost-effective aerogel manufacturing procedures, it has become as a superior alternative in diverse application sectors such as automotive, chemicals, healthcare, electronics, and building insulation. Due to supportive policies of the government in Europe and Middle East, this market would benefit a lot, especially in insulation production. Also, rising need for easy to install &resourceful and thermal insulations, thinner & lighter solutions for manufacturing purposes, higher thermal resistance, and reusability are having a positive impact on the market.
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Chief sources to manufacture Aerogel are Silica, carbon, and alumina. Silica is considered as most promising raw material due to superior insulating properties and lightweight solutions.
Applications of the Aerogel are in building insulations, oil & gas, acoustic, aerospace, chemical, electronics, healthcare, automotive thermal management and others. Few other applications are in agriculture, cryogenics, apparels and power generation. The market, in terms of volume and revenue is dominated by Oil & gas segment.
Europe is expected to lead in terms of market revenue by 2020, leaving behind North America. However, Asia Pacific is likely to grow fastest with a CAGR of 37.3% during the estimated period.
The top profiled companies by the report are:-
Aspen Aerogels, Inc.
American Aerogel Corporation
Dow Corning Corp
Svenska Aerogel AB
Active Space Technologies
Acoustiblok UK Ltd
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